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The Illinois Supreme Court on Friday endorsed the consolidation of local police and firefighter pension systems, a rare victory in a yearslong battle to find an answer to the state's besieged ...
Gov. JB Pritzker signed the pension consolidation law, receiving bipartisan support, in 2019 following decades of negotiations. Illinois Supreme Court allows continued consolidation of downstate ...
The fund was in crisis after years of under-funding by the city, meaning pensions for 95 family were in jeopardy East St. Louis officials make deal to invest millions of dollars in firefighter ...
The Illinois pension crisis refers to the rising gap between the pension benefits owed to eligible state employees and the amount of funding set aside by the state to make these future pension payments. As of 2020, the size of Illinois' pension obligation is $237B, but the state's pension funds have only $96B available for payouts to retirees.
Pension benefits are primarily designed to favor workers who work a full career (typically at least 25 years of service), which account for approximately 24% of state-level public workers. In a study of 335 statewide retirement plans, Equable Institute found that 74.1% of pension plans in the US served this group of workers well.
The Illinois Municipal Retirement Fund (or IMRF) is the second largest and best-funded public pension system in Illinois. Since 1941, has partnered with local units of government to provide retirement, disability and death benefits for public employees.
(The Center Square) – Illinois unfunded pension liability is growing. The Illinois Commission on Government Forecasting and Accountability reports the latest unfunded liability is $143.7 billion ...
Length of Service Award Programs (LOSAPs) are retirement programs increasingly used across the United States to assist communities in recruiting, retaining and rewarding volunteer firefighters and EMS personnel.